Rand News Update │ Rand retreats as USD gains

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We publish this daily rand news update of the rand to dollar rates and factors which influence foreign exchange markets, to help you make better decisions whether you send money, receive money or want the latest money transfer news.

The South African rand is retreating as the USD is showing massive gains. The rand traded at its highest level yesterday at 15.2150 as demand for USD increased in a risk-off sentiment. The local unit along with its emerging-market peers, traded weaker as the Federal Open Market Committee minutes provided the support for the rising USD. The next meaningful technical resistance level is around the 15.5000 level. The predicted trading range for the rand today is between 15.0500 and 15.5500.

Local and global markets are concerned about the impact of Chinese regulations, as well as data indicating a decrease in growth from the world’s two biggest economies, which is USA and China. The ever-increasing number of Covid-19 cases globally have encouraged market experts to re-evaluate year-end growth forecasts.

South Africa is still experiencing their third wave of Covid-19 infections and has only vaccinated less than 8% of its 60 million population. The government has opened up vaccination to those aged between 18 and over in order to speed up its immunisation drive.  

Foreign Exchange Rate

At time of writing:

  • The Rand traded at 15.3444 versus the dollar.
  • GBP: 20.90
  • Euro: 17.90
  • Gold: 1783 USD
  • Bitcoin: 46 774 USD

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